PensionDanmark Pensionsforsikringsaktieselskab Increases Holdings in Fortis $FTS

PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in shares of Fortis (NYSE:FTS) by 7.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 159,354 shares of the utilities provider’s stock after acquiring an additional 10,728 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Fortis were worth $9,126,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Fortis during the 4th quarter valued at approximately $335,980,000. FIL Ltd lifted its stake in shares of Fortis by 9.1% in the 4th quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider’s stock valued at $1,034,545,000 after purchasing an additional 1,666,481 shares during the period. Royal Bank of Canada boosted its position in shares of Fortis by 4.6% during the first quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider’s stock valued at $1,966,121,000 after purchasing an additional 1,557,443 shares in the last quarter. Bank of America Corp DE grew its stake in Fortis by 60.7% in the third quarter. Bank of America Corp DE now owns 2,508,277 shares of the utilities provider’s stock worth $127,270,000 after purchasing an additional 947,079 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Fortis by 26.0% in the first quarter. The Manufacturers Life Insurance Company now owns 3,951,893 shares of the utilities provider’s stock worth $220,277,000 after purchasing an additional 815,349 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FTS shares. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Monday, August 3rd. Canadian Imperial Bank of Commerce lowered shares of Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Barclays lowered their price target on shares of Fortis from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $66.33.

Fortis Stock Up 0.4%

Shares of Fortis stock opened at $56.15 on Friday. The company has a market cap of $28.68 billion, a price-to-earnings ratio of 22.73 and a beta of 0.43. The company’s 50 day moving average is $57.01 and its 200 day moving average is $56.35. Fortis has a twelve month low of $48.64 and a twelve month high of $59.40. The company has a quick ratio of 0.41, a current ratio of 0.56 and a debt-to-equity ratio of 1.27.

Fortis (NYSE:FTS) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. During the same quarter in the previous year, the firm posted $0.76 EPS. Research analysts anticipate that Fortis will post 2.56 EPS for the current year.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is 72.87%.

Fortis Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.